Announcement of the IFSB Summit 2017 Theme
Date posted: 19 June 2017
Kuala Lumpur, 19 June 2017 - The Islamic Financial Services Board (IFSB) is pleased to announce the theme of the IFSB Summit 2017, namely, “Reinvigorating the Momentum of Islamic Finance: Solidifying Resilience and Sustaining Growth”. The Summit, which is hosted by the Central Bank of United Arab Emirates, will be held on 22 to 24 October 2017 in Abu Dhabi, UAE.
The world economy is undergoing another paradigm shift building up to new uncertainties emerging from a changing global geopolitical landscape, evolving monetary policy tightening in the US, sluggish recovery in oil prices and a general uncertainty in economic outlook. The above factors, combined with lagged precedents from the earlier years, have contributed towards a general slowdown in the global economy.
The Islamic Financial Services Industry (IFSI) has not been immune to these developments and, in a reversal of several years of strong double-digit growth rates in the banking sector, has since 2015, experienced a slowdown. These developments are also taking place at a time when gradual implementation of new capital and liquidity regulatory requirements is ongoing.
Against this backdrop, it has become imperative for the stakeholders of the IFSI to find fresh impetus to reinvigorate the momentum in the various sectors of the industry including Islamic banking, Islamic capital markets, and Takāful (Islamic insurance). At the same time, the need for sustaining resilience of the institutions offering Islamic financial services (IIFS) is also profound. New opportunities and challenges are also emerging from recent financial technology developments.
The above underscores the importance of a continued emphasis for the development of legal, regulatory, and market architecture for the specificities of the Islamic financial transactions. There remain opportunities to achieve greater interconnectedness and harmonisation between international exchanges and establish platforms to further facilitate cross-border issuances.
Among the topics that will be discussed during the Summit are:
- Panel Discussion on “Islamic Finance: From Niche to Mainstream”
- The FinTech Innovative Progression
- Implementing New Regulatory Reforms: Balancing Between the Soundness and Competitiveness of IIFS
- Islamic Capital Markets: Towards Greater Harmonisation in Cross Border Activities
- The Way Forward for Islamic Finance: Strengthening Value Proposition, Sustaining Resilience
The IFSB Summit is designed to allow a higher-level interaction among the delegates to explore the implications of the evolving global economic and financial environment on the IFSI. The Summit seeks to raise awareness on the emerging challenges in the resilience and stability of the IFSI while discussing measures to reinvigorate growth momentum along with supportive policy reforms. The Summit welcomes high-level participants from regulatory and supervisory authorities, institutions offering Islamic financial services, international organisations, multilateral development banks, academics, Sharīʻah scholars and all other interested parties.
For more information on the IFSB Summit 2017 and to register your participation, please visit the IFSB website, www.ifsb.org.
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